"Vankor is the first step toward implementing a large strategic project to develop oil and gas fields in the north of the Krasnoyarsk Territory and in the Yamalo-Nenets Autonomous Area," Vladimir Putin said during the launch ceremony.

He said that a new Russian oil and gas province would be developed in the area over the next few years, and that the deposit will yield over 115 million metric tons of oil and gas condensate annually.

Rosneft CEO Sergei Bogdanchikov said the Vankor field's reserves had been confirmed at 520 million metric tons of oil and 95 billion cubic meters of natural gas.

Russia's largest crude producer plans to produce 3 million metric tons (60,000 bbl) of oil at Vankor in 2009, with output to be increased to 11 million metric tons (220,000 bbl) in 2010.

In the first half of 2009, Rosneft invested 48 billion rubles ($1.5 bln) in the field, which is expected to bring the Krasnoyarsk Territory over 10 billion rubles ($315.7 mln) in budget revenue, Governor Alexander Khloponin told reporters.

Rosneft obtained a license to develop the field in 2003. The project, Rosneft's largest, is being implemented by its subsidiary, Vankorneft.